New Product Development and the Product Life Cycle – Lumia 532 Dual SIM

Introduction

This paper analyzes the new smart phone, Lumia 532 Dual SIM, development and its product life cycle. This new smart phone from the Nokia Company before hitting its journey through the four product life cycle stages has to be developed first. The huge part of the company’s manufacturing process is the development of the new product to suit the various divergent market demands and preference.

The rapid advancement in new technologies, the constant change in customer attributes and needs, and the gradual rise in competition calls for Nokia Company to adopt New Product Development (NPD), to be a critical necessity and an inevitable business practice.

Product life cycle stages

Introduction

The introduction becomes the most challenging stage of the product life cycle to a business as it is expensive to launch a new product into the market. The market size for the new product is still small resulting to lower sales but it is expected to increase gradually. There is also high cost of product advertisement, consumer testing, and research and development due to the competitiveness of the telecommunication sector.

Growth stage

This stage experiences strong sales growth accompanied with high profits as a result of benefits associated with economies of scale in production, as well as greater profit margins.

Maturity stage

At this stage the product has an established grounding on which the manufacturer therefore maintain the market share they have built up. Investing in marketing at this stage becomes very critical as this stage is marked with great competition edge (Wells & Adler, 2000). The search for a competitive advantage is inevitable as consideration is taken into the products modifications or improvements within the production process.

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